There's still a lot of gas out there, but we're finally going to get some near-normal temperatures.
The market has factored in a lot of damage beforehand, in anticipation that this storm will equal or exceed the damage caused by Ivan. Prices may fall as reports come in.
RSI reached the lowest level ever in the history of the February contract.
The fact that we are in such good shape with storage is what the market is focused on now.
We still have a huge overhang of storage. This is the time of year when you get seasonal lows ahead of summer and hurricane season.
Even where cooling is above normal the weather is pretty mild. The market is extremely weak this morning.
It looks like crude is taking a bit of a breather.
It's still under most people's radar screen right now. The public has absolutely no idea how high prices are going to be this year. It's going to be mind-boggling.
People who can switch from heating oil to gas are doing it. That's what's bringing in more industrial demand.
The average person has no idea how expensive things are going to be this winter. It's not going to sink in until they get the first bill, and then the politicians will be screaming in the streets.
